Exercise 6-4 (Part Level Submission) On May 1, Cullumber Company had 450 units of inventory on hand, at a cost of $4.00 each. The company uses a perpetual inventory system. All purchases and sales are on account. A record of inventory transactions for the month of May for the company is as follows: Purchases Sales May 4 1,300$4.20 May 3 320$7.00 16 1,1007.00 29564 $4.7118 330 7.50 14 610$4.30 Your answer is incorrect. Try again. Calculate the cost of goods sold and ending inventory using FIFO. (Round answers to O decimal places, e.g. 5,275.) FIFO Cost of goods sold 4696 Ending inventory 724 LIST OF ACCOUNTS LINK TO TEXT Attempts: 2 of s used